Presentation WIFO Jour Fixe

Ines Fortin and Klaus Weyerstrass gave a presentation on “Evaluation of Economic Forecasts for Austria” in the Jour Fixe Budget- und Steuerpolitik, WIFO, based on joint work with Sebastian Koch. The variables to be forecasted include growth rates of real GDP, private consumption, gross fixed capital formation, exports and imports as well as the inflation rate and the unemployment rate. The authors use both traditional evaluation measures like RMSE and Theil’s inequality coefficient and a more novel measure, the Mahalanobis distance.